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Stefanus LIE, who recently graduated with a B.Sc. (Hons) with a Double Major in Mathematics and Statistics, came in second overall for the sixth Munich Re Cup National College Student Actuarial Mathematics Competition that was held concurrently in Beijing, Hong Kong, Singapore and Taiwan on 22 May.

The competition aims to encourage interest and open career opportunities in the insurance sector among university students by helping them develop their technical skills and risk management ability, and put theoretical knowledge into practice.

This year’s event attracted more than 650 students from mainland China, Hong Kong, Singapore and Taiwan.About 20 students from universities in Singapore, including National University of Singapore (NUS) and Singapore Management University (SMU), took part in the competition.Students sat for a 120-minute test, focusing on the mastery of basic actuary knowledge, the ability to solve technical problems and stress resistance.

Stefanus, an International Mathematics Olympian, has also completed the NUS Special Programme in Mathematics (SPM) that is specially designed for a selected group of students who have a strong passion and aptitude for the mathematical sciences.

He participated in the competition as he felt challenged by the four topics that were covered, namely Probability, Interest Rate Theory in Financial Products, Applied Mathematics and Life Insurance. He said, “I took three actuarial examinations so this competition was an exciting challenge for me. The competition hones my skills to solve problems under immense pressure since we were given only two hours to complete 20 questions.”

The competition motivated Stefanus to consider a career as an actuary. He added, “I learned that to become an actuary with good judgement, I need to acquire more specialised skills, in addition to numerical aptitude. Therefore, I plan to take more actuarial examinations in the near future.”

As one of the top performing students in Singapore, Stefanus was awarded a monetary prize and priority for an internship position at Munich Re Singapore. Students doing the internship will receive a wide range of training, including basic reinsurance knowledge, as well as insights into pricing, underwriting and bancassurance.